H.R. 671 — Social Security Enhancement and Protection Act of 2023

This bill increases certain Social Security taxes and benefits. Under current law, Social Security has a taxable earnings base, which refers to the maximum amount of a worker's earnings that are subject to Social Security payroll taxes (set at $160,200 in 2023). Additionally, the taxable earnings base serves as the maximum amount of earnings used to calculate a worker's Social Security benefits. This bill gradually increases the Social Security payroll tax rate from 6.2% to 6.5% over six years. It also phases out the taxable earnings base, thereby applying the payroll taxes to a greater amount of a worker's earnings, and revises the method to calculate a worker's Social Security benefits t...